Article updated: 02/02/2022
It seems that every year HMRC break new records with their Inheritance Tax receipts. Last year is no exception with a new record of £5.9 billion being paid.
There was meant to be a major review of Inheritance Tax in 2021. However, the expected updates, much rumoured for the Autumn budget statement and announcements relating to the funding of Long Term Care costs, failed to materialise. It appears the Government have elected to kick the can down the road on this topic for now. However, with public finances squeezed right now, we doubt it will be long before it’s back on the Chancellor’s agenda!
The Inheritance Tax system certainly seems to be crying out for simplification and is not helped by the unnecessarily complicated addition of the Residential Nil Rate Band (RNRB), which comes with enough rules and regulations to sink a battleship.
Make sure you are well placed to pay as little Inheritance Tax as possible by ensuring your Will is up to date. So many Wills will have become out of date and unfit for purpose following the introduction of the RNRB. We have contacted all of our clients where necessary, but if you are not currently a client, make sure that you don’t end up paying even more than is necessary to HMRC.
Redwood is one of the Souths’ leading Pensions, Investments, Wills, Trusts & Estate Planning providers and we are dedicated to helping families to grow, protect and enjoy their wealth. With our unrivalled knowledge of Estate Planning and Probate, we can advise on any situation. Join us at one of our Free Public Information Seminars: Book online Book Me A Place!, Call us on 01489877 547 or Email email@example.com to book a FREE Initial Meeting with us to review your financial planning needs.